I prefer to be paid on a fixed monthly fee basis, based on estimated time to be spent and reviewed annually. Part payment in shares is also acceptable at the current market value.

I have found that a per diem basis inhibits either the company,  as the fee becomes a controllable expense, or the director as it becomes a controllable income stream. A fixed fee requires give and take on both sides and it will become clear if it proves to be unfair on either side.

Options or bonuses are dangerous in my view as they align too closely the financial interest of the independent director with that of the management. The measures and metrics used will be capable of manipulation and the role of the independent director must not be compromised in this area.